Production Functions And Returns To Scale - Economics Jamb Past Questions and Answers

Question 11 :

• JAMB 2001

A production function relates?

A. Cost to output
B. Wages to profit
C. Cost to input
D. Output to input

Question 12 :

• JAMB 2002

In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is

A. 13:3
B. 1:5
C. 18:4
D. 5:1

Question 13 :

• JAMB 2003

For a firm, value added can be defined as the difference between the

A. Input prices and product prices
B. Value of its output and inputs purchased from other firms
C. Value of its output and the cost of production
D. Total revenue and total cost

Question 14 :

• JAMB 2005

The technical relationship between input combination and maximum attainable output is called

A. A production function
B. An indifference curve
C. An isocost
D. An isoquant

Question 15 :

• JAMB 2006

A point P, the marginal rate of substitution is

A. Less than one
B. Greater than one
C. Zero
D. Unity